Drywall Contractor Insurance
Owners of drywall contractor businesses need protection against possible lawsuits, theft, and more.
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Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Drywall contractors face a variety of risks on a daily basis. From potential injuries to lawsuits, having coverage is essential to prevent financial losses. The right drywall contractor insurance can help your business maintain smooth operations for many years to come.
An independent insurance agent can help your business get equipped with coverage. They'll help you find the right policy fast. But up first, a breakdown of drywall contractor insurance.
What Is Drywall Contractor Insurance?
Drywall contractor insurance is basically a specialized type of business insurance tailored to meet the needs of your industry niche. Since drywall contractors have different exposures than retail stores and other types of businesses, they require coverage that addresses their specific needs. An independent insurance agent is a great ally in helping you find the right kind of drywall insurance for your business.
Liability Coverage Is a Crucial Part of Drywall Business Insurance
Liability coverage is often required to obtain and maintain state licensure for a drywall contracting business, and anyone who hires you to work on a building project can require you to provide proof of commercial general liability insurance before the job can commence. This coverage reimburses your business for lawsuit costs including attorney, court, and settlement fees if it gets sued by a customer or other third party for claims of bodily injury or personal property damage. Without this coverage, just one lawsuit could potentially lead to bankruptcy.
Your drywall contractor business also likely requires other forms of liability protection, too. Some common forms of liability insurance you may want to consider include:
- Commercial auto liability insurance: This covers lawsuit costs associated with company vehicles after accidents and other incidents.
- Hired or non-owner auto insurance: This covers lawsuits and other incidents associated with employee-owned vehicles that are used for business purposes.
- Employment practices liability insurance: This insurance shields your business from large financial losses if a current or former employee sues your firm for claims of harassment, discrimination, or wrongful termination.
- Professional liability insurance: This insurance protects drywall contractors against professional errors and omissions that can cause some type of harm to a customer or client.
- Business umbrella insurance: This extends an existing liability coverage limit in increments of $1 million to provide much greater protection against lawsuits.
Working together with an independent insurance agent is a great way to get your drywall business covered by all the liability protection it needs.
Property Coverage Is an Essential Component of Drywall Contractor Insurance
Your drywall contracting business needs protection for its property, including buildings, tools, equipment, inventory, etc. Without the right coverage, just one small fire can lead to major losses for your firm. Look into these types of property coverage for your business:
- Commercial property insurance: This covers losses due to fire damage, theft, vandalism, and more that can damage or destroy company property like office buildings, equipment, tools, and inventory.
- Builders risk insurance: This covers materials and business property on a project site while the construction is still underway.
- Inland marine insurance: This covers company equipment, tools, etc., while they're in transit between job sites or stored in a company vehicle against many threats like theft, fire damage, etc.
An independent insurance agent can make sure you get set up with the right type and amount of commercial property coverage for your unique drywall contractor business.
Other Types of Business Insurance for Drywall Contractors to Consider
Your drywall insurance policy may not yet be complete without adding a few more types of coverage. Here are some other common business insurance components to consider adding to your policy:
- Workers' compensation insurance: This coverage is often mandatory and reimburses your business for costs associated with employee injuries and illnesses caused by the job environment or duties.
- Business interruption insurance: This coverage helps provide a continued stream of income, employee wages, and other ongoing expenses during temporary covered closures from threats like fire damage, break-ins, and more.
- Crime insurance: This coverage helps reimburse your business for dishonest acts by employees such as stealing property or money from your firm.
Your independent insurance agent can recommend the exact types of coverage required to fully complete your drywall contractor business insurance policy. They'll ensure there aren't any gaps in your coverage.
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Get the Right Help Building a Drywall Business Insurance Policy
Building a suitable drywall contractor insurance policy for your business can be a complicated process if it's attempted alone. By ensuring you have all the coverage you need in sufficient amounts, you can protect your business finances from losses that could potentially bankrupt your company. The best and easiest way to build a comprehensive drywall contractor insurance policy is by working with an expert independent insurance agent.
Independent insurance agents can help you identify your various exposures, recommend the right kinds of coverage to mitigate those risks, and shop around to find you a selection of competitively priced policies. And that's not all, because these agents will be there for you down the road if and when claim time comes. They can also help you update your coverage when it's time.